Our Current Economic State and How it Relates to a Job Search

You may get swept up in the panic about the current state of our economy. We are constantly flooded with bulletins about job security and lay-offs and hiring freezes. But even in the midst of a potential dreaded "R" word (recession), the truth is there are still jobs to be found.



The Bureau of Labor Statistics reports that the unemployment rate is up 1.4 points this year, with the Sept. 2008 unemployment rate at 6.1, as opposed to 4.7 at the same time last year. With all of that harsh reality out of the way - let's talk about today's market and how it can affect your job search.

When markets tighten, so can companies' requirements. It is easier for a company to justify hiring during a slow period, if a person's background is a perfect fit for their company. Companies tend to get painfully specific with their job requirements, to filter through some of the unemployed or irrelevant candidates that may be applying for their jobs. This does not mean you cannot get it to a company - it just means that gatekeepers will be a little less tolerant and the hiring process could take a little longer.

The common theme of job transition during a time like this is that it's best to "sit tight" and hope that it passes you by. Fact - if you are jockeying yourself for a better position with a similar company (a competitor, a related industry, etc), you will have a far better shot than if you were looking outside of your current industry. Because of the tightening of funds and the resistance to hire or "onboard" a new individual - relevant industry experience can generally overcome hesitation to hire. Employers are far more likely to bring on someone with relatable experience, versus someone without relevant experience, because the cost of "onboarding" will be significantly reduced. It is more cost efficient to hire someone who knows the business.

Another aspect to keep in mind, is that you will be able to command the most money (salary, earning potential) if you keep within an industry that you have experience. If you start looking to switch industries in a tighter market, you will inevitably be competing for roles with folks that DO have industry experience. They will be able to command a higher salary, because they are more of a "slam dunk."

If you cannot "weather the storm" and need to find a new job right now, you may want to consider lowering your expectations on some of your search criteria. If the personal reward is greater to move on to another type of job in a different field, you may have to make the hard switch to a lower salary. There are always pay-offs in life; consider the age-old question - is it better to have time but no money, or better to have money and no time?? If you want a better quality of life, the pay-off may be a smaller salary. In order to land the job you really want, just remember you are always competing with folks that have industry experience, and in order to get the job, you may have to be more flexible on your requirements.

Another issue that may play a factor in finding a new job in a slower economy is number of interviews you go on. It is always wiser to entertain things that you may normally consider to be slightly "outside the box" because of less opportunities overall. You may find that a sales job in a higher-end consultative field may be just as satisfying as the marketing manager role you've been dreaming of. No one says you have to take a job that you don't want, but you are more likely to fill your personal pipeline with opportunities to evaluate if you are open to entertaining more things. And, it's a simple numbers game. Just like the number of cold-calls you make per day affects your earning ability in a sales job, the number of interviews you go on in a slower market can ultimately lead you to a job before you are unable to pay your bills.

This may come as little or no consolation, but keep in mind that all areas of business are affected during times like these. Try not to beat yourself up for not finding that recession-proof industry 3 years ago. Even necessary commodities, such as dentistry and veterinary medicine have been affected by a down-turned market. People are less likely to pay for services like animal care and auxiliary health maintenance, unless it is urgent. Until the market begins to even out and start the incline to a healthy status - many areas in both personal and professional lives will take a hit.


What goes up must come down and THANKFULLY, the laws of physics also hold true for the reverse. It can only get better from here! Just keep in mind that you may have to be a little more flexible until the market restores itself to a better state. And keep your chin up - companies are still hiring, there are still jobs to be filled; it just may take a little longer.